Haute 100 Los Angeles Update: Earvin “Magic” Johnson

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Our Haute 100 list details the accomplishments of the most influential people in each of our markets—Miami, New York, Los Angeles, and San Francisco. These people continue to make moves, so rather than waiting for the next Haute 100 issue to come out, we thought we’d provide you with regular updates on those Haute 100 members who are making headlines. Check back daily for more info on the most powerful people in your city. NBA Hall-of-Famer Earvin “Magic” Johnson has sold his minority interest in the Los Angeles Lakers to Dr. Patrick Soon-Shiong for an undisclosed price, as well as his stake in 105 Starbucks franchises.

Earvin “Magic” Johnson

Category: Athletes

Industry: Basketball

Company: Magic Johnson Enterprises

What Made Him Haute: The retired athlete was one of the NBA’s finest players and the tallest point guard in league history at 6-foot, 9-inches. He now is a commentator for ESPN and strongly participates in HIV education. Magic Johnson Enterprises is a non-profit that represents and serves ethnically diverse communities, while Magic Johnson Foundation develops programs that support the educational, health, and social needs of the underprivileged.

What Makes Him Haute Now: After spending 13 years playing for the Los Angeles Lakers, and 10 years as part-owner, Magic Johnson has sold his ownership stake to billionaire Dr. Patrick Soon-Shiong. Johnson holds assets in commercial real estate, health clubs, restaurants and other business enterprises, and plans on maintaining good relations within the sports industry, continuing to work with the Busses and Mitch Kupchak to build and grow the mega NBA franchise. According to a valuation by Forbes, Johnson’s 4.5 percent stake in the team was worth around $27 million. He bought the team for $10 million back in 1994.

And just a day after selling his interest in the Lakers, the 51-year-old continued liquidating assets, selling 105 of his Starbucks franchises back to the company. The two combined sales were worth more than $100 million, reports the Los Angeles Times. Regardless whether or not rumors become reality regarding the possibility of Johnson becoming GM of another team, or assembling an investment group to buy another team, L.A. citizens rest assured, Johnson will forever bleed purple and gold.

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